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The Globalization of World PoliticsAn Introduction to International Relations

The Globalization of World Politics: An Introduction to International Relations (9th edn)

John Baylis, Steve Smith, and Patricia Owens
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date: 22 April 2024

p. 44128. Global trade and global financelocked

p. 44128. Global trade and global financelocked

  • Matthew Watson

Abstract

This chapter explores important issues in the conduct of global trade and global finance. In particular, it looks at how the Covid-19 pandemic has changed the experience of global trade and global finance in recent years. It asks why the global economy is so good at allowing some people to own untold riches while many others have too little money to meet basic subsistence needs, and whether the world would be better or worse off without the institutions of global economic governance. After discussing the globalization of trade and finance, the chapter considers the regulation of global trade and global finance. Two case studies are presented, one dealing with the Covid-19 vaccination programme and global economic recovery and another looking at US President Joe Biden's proposed global minimum corporate tax rate.

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